Solana (SOL) Shows Signs of Recovery Amid Market Volatility

After last week's crypto bloodbath, the price correction for most cryptocurrencies continued during the weekend.

For the past two days Bitcoin as well as some altcoins showed resilience and erasing some of the recent losses

Solana (SOL) in particular is currently trading at $140.57 after a 15% increase since the 4-month bottom of $122.44, registered on the 5th of July.

This recovery follows recent market turbulence triggered by concerns over Mt. Gox Bitcoin reimbursements and large BTC sales by the German government. Increased inflows into BTC ETFs have also boosted sentiment.

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Analyst Ali Martinez noted similarities between SOL’s current price pattern and 2021, suggesting potential for a broader market rally.

#Solana seems to be mirroring the same price pattern we saw in 2021! Even the $SOL RSI is at the same level it was back then before the big bullish breakout. pic.twitter.com/5QQKjUlZcx

— Ali (@ali_charts) July 8, 2024

CoinCodex predicts SOL to reach $158.48 by month-end, up 11.2%, while Changelly forecasts a peak of $147.26 by July 2024.

The upcoming Ethereum ETF launch could further stimulate market activity, similar to the BTC ETF earlier this year, potentially driving a market-wide upswing.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.